Int'l freight firms fined for price-fixing in New Zealand market

08:11, June 15, 2011      

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Three international freight forwarding companies have been ordered to pay penalties totaling 5. 2 million NZ dollars (4.26 million U.S. dollars) plus costs for operating a price-fixing cartel.

The companies BAX Global Inc., Schenker AG and Panalpina World Transport (Holdings) Ltd. had reached settlements with the Commerce Commission, which had been accepted by the High Court in Auckland, the commission announced Tuesday.

The penalties followed a commission investigation that began in 2007 into alleged collusion in violation of the Commerce Act by multi-national companies involved in international freight forwarding services to the New Zealand market.

This followed a confidential application for leniency by one of the companies involved in the conduct.

BAX had been ordered to pay 1.4 million NZ dollars, Schenker 1. 1 million NZ dollars and Panalpina 2.7 million NZ dollars for their roles in the price fixing cartel, said a statement from the commission.

The penalties were on top of those already imposed by the court for similar conduct following settlements reached with EGL Inc. and Geologistics International (Bermuda) Ltd..

The total cartel penalties imposed to date were 8.85 million NZ dollars.

BAX admitted applying the UK NES surcharge and the Chinese CAF surcharge. Schenker had also applied the Chinese CAF surcharge, and Panalpina applied the Air AMS surcharge.
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Source: Xinhua
 
 
     
 
 
 
     
 
 
 
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